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July, 5 2024

Understanding centralized inventory and how payever Products help with inventory management

Effective and accurate inventory management is essential to the logistics of retail businesses, regardless of the scale and size. Inventory management helps businesses stay on top of stock, preventing the risk of inventory shortages, which may result in customer disappointment or overstocking that burdens the capital.

Effective and accurate inventory management is essential to the logistics of retail businesses, regardless of the scale and size. Inventory management helps businesses stay on top of stock, preventing the risk of inventory shortages, which may result in customer disappointment or overstocking that burdens the capital.

What is centralized inventory, and what are the benefits?

Centralized inventory is a term used to refer to when retailers keep stock in one location, essentially merging all products into a single place to simplify inventory management.


In the retail industry, centralized inventory means that businesses keep their stock at a single hub, from where they restock their store and fulfill orders. The location could be on-location (e.g., in-store) or at an off-site warehouse.

There are several key benefits businesses can reap by implementing centralized inventory, even though those may depend on the business’s unique needs, processes, and operations. However, in general, the benefits of centralizing inventory are as follows:

1. Improve operational efficiency.

This system reduces and eliminates the risk of discrepancies in the inventory data between different locations or people’s views. The business can utilize the same information to make sound, relevant decisions. Additionally, centralized inventory ensures efficient communication between teams and people.

2. Enable the multichannel stock management.

Today’s shoppers make their purchases in various ways, both online and in-store. According to Harvard Business Review, 73% of them use more than one sales channel compared to 7% who only shop online. Therefore, nearly three-quarters of retailers have made selling across multiple channels their priority.


However, when businesses transition to the multichannel retail sector, more factors must be taken into account to ensure everything is in sync. Implementing inventory centralization helps simplify the process when businesses start managing their orders from a single location, minimizing the risk of fulfilling an order twice or selling something in-store that’s already been purchased online.

3. Generate accurate data to promote cost savings.

Centralizing inventory is a way to reduce operational costs in the retail industry due to the higher data accuracy, leading to higher efficiency. This is because inventory centralization can reduce the time and resources consumed to complete specific tasks, like fulfilling orders or generating inventory reports.


Additionally, accurate data promotes better-informed decisions, which can reduce costly mistakes caused by overstocks, returns, and out-of-stocks.

Start centralizing your inventory with payever Products

When centralizing inventory, starting with the right inventory management tool, such as payever Products, is essential. This solution, available for free as long as your business is already a part of payever’s ecosystem, helps manage your inventory to ensure the business runs efficiently.


payever Products accommodates business needs for efficient, centralized inventory management of any form: physical products, digital products, dropshipping, and services. Additionally, this solution ensures inventory across all selling channels is automatically synced, online and in-store, reducing manual workloads that may risk data accuracy.

To enable this solution, simply click the payever Products app after logging into your account.

After enabling payever Products, you can start managing your inventory by adding products manually or by importing your product data.

1. Add products manually.

Click Add Media to upload the product image.

Complete the detailed product information as follows:

Product name (mandatory)

Brand

Price (mandatory)

Sale price

Sale start and end dates

Product type (digital, physical, or service)

Product condition (new, refurbished, used)

Provide more details as required:

Pricing

Content

Inventory

Category

Variants

Attributes

Channels

Shipping

Taxes

Recommendations

Visibility

SEO

Policy

Click Done after completing the product information.

2. Import product data.

Alternatively, you can import the existing product data for a quicker inventory management option with payever Products. Click Import and choose Import CSV or Import XML, depending on the file format you have on hand.

However, before importing your product data, make sure that you follow the format shown in the sample. To view the sample in the correct format, click the question mark button next to your preferred format, then click Download.

Conclusion

Alternatively, you can import the existing product data for a quicker inventory management option with payever Products. Click Import and choose Import CSV or Import XML, depending on the file format you have on hand.

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